The invention relates to a continuously variable transmission or CVT, in particular for motor vehicles, provided with an adjustable pulley assembly comprising two conical sheaves on a pulley shaft and at least one sheave being axially movable with respect to the pulley shaft by means of hydraulically operated movement means. The movement means comprise a piston/cylinder assembly for generating a first force acting on the movable sheave in the direction of the other sheave and centrifugal pressure compensating means for generating a second force acting on the movable sheave in a direction opposite with respect to said first force.